Industry & Economy
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Budget
`Commitment to reforms is reflected in Budget'
Our Bureau
Hyderabad
,
March 2
THE Vice-Chairman, CII-AP, Mr M.K. Patodia, has said that, in overall terms, the Budget shows the Government's commitment to push forward the reform agenda, while taking cognisance of equity considerations and the need to make growth broad-based and inclusive.
He was speaking at the CII - KPMG Post Budget Analysis 2005 - 06 here on Wednesday, organised by the CII.
Mr P.A. Chowdary, IRS, Chief Commissioner, Income Tax, in his address on direct taxes, said it was a good Budget with regard to the direct taxes. Based on Mr Kelkar's recommendations, exemptions have also been streamlined. These are welcome and beneficial.
Sharing his views on fringe benefits tax, Mr Chowdary said it not only damaged the pockets but the eyesight too, as tax paying is mainly a psychological problem. He stressed on the fact that the Government should contemplate to prevent the generation of black money rather than introducing new tax forms.
Mr M. Gopalakrishna, convenor, Economic Affairs Panel, CII-AP, and the Chairman, APSFC, in his address said that social, rural and agriculture sectors have been given prominence in the Budget.
Mr Nitin Karve, partner, B.S.R & Co, said it was welcome that corporate tax had been aligned with the international rate. He said the 0.1% tax on bank transactions is to defeat tax evasion and would not bite too much.
On fringe benefits tax, he said it was a tax on expenditure and inputs and not a business tax. He hoped the Government would contemplate on this issue.
Mr Vishweshwar Mudigonda, Senior Manager, B.S.R & Co, in his presentation on direct taxes, speculated on promise vs performance. He cited the example of China and how it was performing better than India. He traced the direct tax reforms from 1997 to 2005.
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